Cash-for-Clean Energy in India May Beat UN Carbon Plan
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When Oil & Natural Gas Corp. set up 34 wind turbines on a blustery inlet in western India to power oil-drilling equipment, it expected the project to earn United Nations carbon credits that could be turned into cash.
Two years after the windmills whirred into service, India’s largest oil explorer is still waiting for its first rupee for cutting carbon-dioxide emissions through the wind-power project. A.K. Hazarika, onshore director for ONGC, has a back-up plan that may be more lucrative: an Indian renewable-energy trading program that starts in March.